Microcontroller Market by Application (Automotive, Industrial, Consumer Goods, Communications, Computer and Others),by Product Type (8 bit, 16 bit, 32 bit), Industry trends, estimation & forecast, 2016 – 2024 Microcontroller Market was valued at $9.80 billion in 2016 having a CAGR of 8.6 % during the forecast period of 2017 to 2024. The 32-bit microcontroller segment generated the highest revenue share in the global microcontroller market. Microcontroller is a miniature computer mounted on a single circuit. Microcontroller contains memory, processor and input & output peripherals. Typically microprocessor is installed in automatics and remote operated devices. Microcontroller has a wide range of application and can be applied in every industry verticals such as, Consumer Goods, Automotive, Communication, and Computers. Microprocessor helps efficient and smooth functions of the devices. Faster executions of the desired task and cost effective benefits helps to create demand for microprocessor across the globe. However, complex architecture and larger development time are some of the disadvantages of the microprocessor.

Market Dynamics

Hybrid and electric vehicles require numerous microprocessors within vehicle and significant boost in hybrid and electric automotive sector primarily boosted the growth of global microprocessor market. Decreasing microcontroller prices and constantly growing demand for medical electronics are some of the other major driving factors which are helping the growth of the microcontroller market. Operational failure in extreme weather conditions and presence of large number of vendors will restrain the market for further growth. Increased smart gird implementation and growing mobile device sector will provide ample opportunities for microcontroller market globally.

Competitive Landscape

The market is characterized by intense competition owing to presence of large number of vendors across the globe. The leaders of the market are using new product innovation and technological advancement as a key strategy for increased market penetration and extended product portfolio. For instance, Renesas Electronics Corporation introduces industry-leading small design class inverter kit solution for hybrid and electric vehicles on April 2017.

Market Segmentation

Global microcontroller market is divided on the basis of product type, application, and region. Based on product type, the market is segmented as 8 bit, 16 bit, and 32-bit microcontrollers. By, application, the market is categorized as automotive, industrial, consumer goods, computer, and communications. Regionally, the market is segmented as North America, Europe, Asia-Pacific and Rest of World. 32-bit microcontroller segment is expected to lead the market for future growth. Asia-Pacific is expected to fastest growing geographic region with highest CAGR.